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- 1 ApeCoin price prediction indicates that APE crypto is slipping through a descending parallel channel.
- 2 APE crypto is trading below 20, 50, 100 and 200-days daily moving averages.
- 3 ApeCoin price has slipped around 58.93% year to date.
ApeCoin price prediction illustrates the decline of the APE cryptocurrency, following a notable trajectory on the daily timeframe chart. To facilitate its recovery from the lower trendline within the parallel channel, APE crypto must draw in potential buyers.
Since June 2023, APE crypto has been progressively descending within this parallel channel. The value of ApeCoin dropped from its previous point at $2.78 and is presently descending below the threshold of $1.489. The intervention of buyers is imperative to support the revival of the APE cryptocurrency.
ApeCoin price stood at $1.489 but experienced a 0.53% decrease in its market capitalization over the course of the trading session. Intraday, the trading volume witnessed a decline of approximately 3.06%, indicating a trend of sellers accumulating. The volume-to-market capitalization ratio was calculated to be 10.58%.
ApeCoin Price Being Oversold – RSI
The projected path of ApeCoin price highlights a downtrend in the value, portrayed through a descending parallel channel seen over the daily time frame chart. APE crypto underwent a decrease following its effort to breach the upper trendline within this descending channel. Furthermore, APE crypto’s value has dropped beneath its daily moving averages spanning 20, 50, 100, and 200 days.
Observable alterations in trading volume indicate that it is currently lower than the average, emphasizing the need for an upswing in volume during intraday trading sessions. This potential rise in trading volume could have a pivotal role in shaping the near-term course of APE crypto.
ApeCoin price has undergone a decrease of around 13.36% in the span of one week and a drop of about 26.57% over the course of a month. APE crypto has observed a decline of approximately 53.88% in the preceding three months and a substantial decrease of roughly 71.19% over the last six months. Concerning its performance since the beginning of the year, the price of APE crypto has suffered a significant decline, marking a reduction of approximately 58.93%.
Technical indicators suggest that ApeCoin price is oversold at the moment. Relative strength index (RSI) confirms the position of APE crypto in the oversold zone. Moving average convergence divergence (MACD) indicates the downtrend momentum in APE crypto price.
RSI was at 29 and is inside the oversold territory. The MACD line is below the signal line after a negative crossover. Investors in ApeCoin cryptocurrency need to wait for any directional change over the daily time frame chart.
Summary
ApeCoin price prediction illustrates the decline of the APE cryptocurrency, following a notable trajectory on the daily timeframe chart. APE crypto has undergone a decrease subsequent to its effort to breach the upper trendline within this descending channel. This potential rise in trading volume could have a pivotal role in shaping the near-term course of APE crypto. Technical indicators suggest that APE price is being oversold at the moment.
Technical Levels
Support Levels: $1.444 and $1.35
Resistance Levels: $1.63 and $1.85
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
